Tech fund for Hawaii startups mbloom LLC closes $10M early stage venture capital fund

By Nicel Jane Avellana

Jan 21, 2014 09:24 AM EST

Maui-based technology fund mbloom LLC was able to secure $10 million for the close of its early stage venture capital fund. Established and run by entrepreneurs Arben Kryeziu and Nick Bicanic, mbloom is the first early-stage technology fund in Hawaii.

By providing solutions to pain points using technology, mbloom seeks to create an environment that would provide seed funding, develop and grow companies based in Hawaii. The fund helps entrepreneurs come up with their products, formulate go-to-market approaches and reach the next milestone in their journeys.

In a statement, mbloom said that its first fund is a public-private partnership formed with the Hawaii State Development Corporation or HSDC and East Coast-based hedge fund, Rosemont Seneca Technology Partners.

Co-Founder Arben Kryeziu said in the statement, "We are excited to use mbloom Fund 1 to create economic growth for Hawaii. Innovation happens in Hawaii, but many companies leave the island for growth opportunities on the mainland. We want to keep Hawaii startups here, giving them opportunities to develop, connect, and make a mark just like the startups in Silicon Valley."

Both Kryeziu and Bicanic formed mbloom after realizing the need to retain great talent in Maui. They intend to give mentorship, help with strategies and establish business networks that would help young companies in Hawaii succeed, according to the statement.

Hawaii's business community is also supportive of the initiatives of the technology fund as well as the potential it holds to succeed. One of them is Revolution Chairman and Chief Executive Officer Steve Case. In the statement, Case said. "I've long believed that great entrepreneurs and innovators can be found throughout the United States - and Hawaii is no exception. I congratulate Arben and Nick on the launch of the mbloom fund, marking an important step for building momentum in the Hawaii technology community."

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